Avenue Securities – a brokerage in Miami, Florida that allows native Brazilians to invest in the United States – is opening its doors to cryptocurrency. The company announced that it has plans to begin trading digital assets like BTC beginning next month.
Avenue Securities Turns Towards Crypto
Roberto Lee – the chief executive officer and founder – explained in a statement that his firm has seen a lot more demand for crypto-related services from customers, and thus he and his team have no choice but to cooperate. He commented:
That is beyond a shadow of a doubt the project with the biggest demand from our clients. Our surveys show that about 15 percent of our almost 500,000 custumers will start trading cryptocurrencies on the first day we offer the service.
Avenue Securities was founded roughly four years ago in 2018. It became fully operational as a brokerage in the latter half of the following year and was built as a means of permitting high-end and middle-class Brazilians to access brokerage services and third-party funds in the United States. At the time of writing, the company manages roughly $2 billion in assets and has increased its number of employees to about 300 in just the last 12 months alone.
The firm has also given way to a string of competitors in recent years given its overall success. Banco Bradesco SA, for example, is the second-largest bank in Brazil in terms of market value. Last December, the company announced that it was joining hands with Florida-based fintech firm BCP Global to allow both middle and upper-class Brazilians to begin investing in digital currencies. This serves as greater proof that the legitimacy of the digital asset space is growing tremendously.
Lee continued his statement by mentioning:
Probably what we will see in 2022 is the arrival of big Brazilian competitors to our business, and we are going to answer that by becoming more complete [and] by offering not only a U.S. bank account but also more and more products.
Some of the projects customers can expect to see in the future include no-fee trading for roughly 40 separate cryptocurrencies. The firm is set to establish partnerships with roughly eight different liquidity providers, though at press time, Lee is not telling investors who they are. In addition, the assets Avenue Securities is set to offer will be priced roughly eight percent less than what they’re going for in Brazil.
The Space Keeps Expanding
Lee says:
The trading volume of cryptocurrencies in reais is still very thin compared to dollar volume, and that makes a difference in price formation. People will really see a difference.
Lee also stated that the company is looking to delve into non-fungible tokens (NFTs) in the future given that the space is growing like mad. He also mentioned that they are looking to provide staking services.
Source: https://www.livebitcoinnews.com/avenue-securities-to-offer-crypto-services-starting-next-month/